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Tax-Exempt Fixed Income Strategy

The Brown Brothers Harriman Tax-Exempt Fixed Income Strategy seeks to protect investors’ capital and generate attractive after-tax returns by combining thorough, independent research with our valuation discipline to identify undervalued municipal securities. Our Intermediate municipal bond strategy targets between 75 and 125 credits in major subsectors of the U.S. municipal bond market, including general obligation bonds, revenue bonds, and pre-refunded securities. We invest in a long-term, tax-sensitive manner with an expected annual turnover of less than 25%.

Investment Criteria:

When constructing our portfolios, we apply a disciplined investment-selection process that focuses on the following seven issuer attributes:

Provides essential services

Strong competitive position

Financial strength

Robust operating model with pricing flexibility

Backed by a proven revenue stream

Strong coverage and covenant protection

On-time financial filings

We also take into consideration the following management attributes, when applicable:

Political willingness to exercise rate autonomy

Positive operating performance

Sound capital expenditure plans

Responsible use of derivatives

Current and prospective clients should find added confidence in knowing that BBH Partners have entrusted the investment team with managing BBH’s own investment portfolio, thereby aligning the firm’s interests with those of our clients.

-Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax.-Investing in the bond market is subject to certain risks including market, interest-rate, issuer, credit, and inflation risk; investments may be worth more or less than the original cost when redeemed.